CLAW3201 Lecture Notes - Lecture 10: Capital Asset, Moneylender, Intangible Asset
27 Oct 2018
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Lindsay v fct (1960) 106 clr 377 repair" v improvement". Renewal of slipway was reconstruction of entirety of asset improvement" (consider: repair" of an asset v replacement of entire asset"). Work done to restore asset to original state repair. Work done to improve asset over original state improvement capital expenditure not deductible: bp oil refinery concrete improved ability of pylons to withstand further damage . Repair" uses different and / or more technologically advanced material = improvement). Capital allowance s 40-25(1) itaa 1997 deduction for depreciating assets you can deduct an amount equal to the decline in value for an income year of a *depreciating asset that you *held for any time during the year. Effective life s 40-95(1) itaa 1997 can self-assess" or use commissioner"s figures (annual tax ruling). 2 s 40-305 itaa 1997 basically disposal proceeds. Subject to adjustment rules, e. g. s 40-300 item 6 itaa 1997 market value substitution.
